Solar Microinverter Market to be Valued USD 2934.86 Million in the Next Five Years
Upsurge in renewable energy
investments to drive global solar microinverter market during the forecast
period
According
to TechSci Research report, “Global Solar
Microinverter Market, By Type (Single Phase and Three Phase), By
Connectivity (Integrated, Standalone), By Application (Residential, Commercial,
PV Power Plant), By Sales Channel (Direct and Indirect), By Region, Competition,
Forecast & Opportunities, 2025”, Global
solar microinverter market was valued USD 1166.24 Million in 2019 and is
projected to grow at double-digit CAGR of 24.32% to reach USD 2934.86 Million
by 2025. Rapid increase in renewable energy investment and increased investment
in R&D are driving the solar microinverter market through 2025. Micro
inverters are known to generate more energy when compared to other solar
inverters, therefore, they are witnessing increased adoption in the recent years.
In
addition, solar micro inverters offer several benefits over conventional
inverter technologies like solar micro inverter possess remote monitoring
capabilities, which is anticipated to positively influence the growth of the
market in the next five years. Nevertheless, high initial and maintenance cost
related to solar micro inverter can decelerate its adoption.
Browse 132 market data Figures spread through 110 Pages and an in-depth TOC on " Global Solar Microinverter
Market "
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Global
solar microinverter market can be segmented based on type, connectivity,
application, sales channel, company, and region. Based on application, the
market is segmented into residential, commercial and PV power plant. Due to
increased energy cost and supportive government initiatives, residential
segment witnessed highest adoption of solar microinverter over its
counterparts. Moreover, economies such as US, Germany and Italy, are among the leading
markets for residential rooftop PV installations, have widely adopted micro-inverters
over conventional inverters, which further contributes to the growing trend.
SMA Solar Technology AG, Darfon
Electronics Corp., ABB Ltd., Altenergy Power System Inc., Enphase Energy Inc, SolarEdge
Technologies, Inc., SunPower Corporation, Chilicon Power, LLC, I Energy
Corporation Limited, NEP Microinverter Inc are the leading
players operating in global solar microinverter market. Companies operating in
the market are investing in product development and expanding their reach in
countries in order to register growth in the competitive market.
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“North America dominated the global solar microinverter market in the
last 5 years on account of large-scale acceptance of micro-inverter technology,
especially for residential applications. However, APAC is estimated to grow at
the highest CAGR during the forecast period. This high growth is accredited to
the high boost for solar PV installation capacity through advanced solar PV
systems in countries such as China, Japan, India, and Australia for enhancing
electric stability. In addition to this, APAC has numerous operational
micro-inverter installations for commercial, residential, and PV power plant
applications. This in turn is anticipated to boost the growth of solar
microinverter market across the region in the years to come.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Solar Microinverter Market, By Type (Single
Phase and Three Phase), By Connectivity (Integrated, Standalone), By
Application (Residential, Commercial, PV Power Plant), By Sales Channel (Direct
and Indirect), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global
solar microinverter market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global solar
microinverter market.
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